Pakistan one of world top favourable economies:
World Bank
RECORDER REPORT
ISLAMABAD (May 02 2008): Pakistan has been ranked as one of the top favourable economies in the world in terms of economic performance states "Doing Business 2008", a recent report released by the World Bank said.
ISLAMABAD (May 02 2008): Pakistan has been ranked as one of the top favourable economies in the world in terms of economic performance states "Doing Business 2008", a recent report released by the World Bank said.
According to the report, Pakistan is at the second place compared to other South Asian countries based on certain economic indicators such as; ease of doing business, dealing with licenses, and protecting investors as identified by the analysts. The other countries include Sri Lanka, Bangladesh and Nepal. Pakistan has comparatively better business environment in terms of paying taxes and registration of assets, the report added.The report evaluates business activities based on regulations affecting the 10 stages of a business's life; starting a business, dealing with licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. It is pertinent to note that in the overall global rating of 178 countries, Pakistan is rated at 76th as compared to India rated at 120th.With its fast paced IT industry, Pakistan is emerging as a powerhouse in the South Asian region due to the government's friendly policies.
These include 100 percent foreign equity ownership, 100 percent repatriation of profits for foreign investors and tax exemption for the sector till 2013.The availability of a large pool of English-proficient skilled professionals, affordable connectivity rates and competitive infrastructure and operational costs are some of the other benefits that Pakistan enjoys. Due to the same factors, an increased number of foreign IT companies prefer Pakistan for their outsourcing operations and setting up development centers.
'Doing Business 2008' is the fifth in a series of annual reports that evaluates the regulations that directly impact economic growth provides objective measures of business regulations and their enforcement. The data is collected across 178 countries and selected cities at the sub-national and regional level.
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